“Investors are interested in PSU stocks due to their low valuations, hopes of disinvestment and good corporate governance. Low expense ratio of 1 paisa and a discount of 3% on government shares is an additional plus,” said a fund manager at a domestic fund house.
The Bharat 22 ETF has a concentrated portfolio of 22 stocks. The top five holdings are L&T, ITC, SBI, Axis Bank and NTPC, that account for 56% of the portfolio.
As part of the government’s disinvestment programme, FFO2 of ICICI Prudential-managed Bharat 22 ETF was open for anchor investors on October 3, 2019 and non-anchor investors on October 4, 2019. On Thursday, the anchor investor portion was subscribed 27 times over the initial amount allocated to this category, raising ₹13,569 crore.
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